The Central African Republic officially launches the "sango project". Sango is the name of the cryptocurrency invented by President Faustin Archange Touadéra, in the wake of the adoption of bitcoin as the official currency at the end of April.
According to the president, "Cryptocurrency is revolutionary. It will democratize democracy. My dream is to see that the Central African can live well on his soil. Be part of a moment in history, a president's dream, the reconstruction of the Central African Republic."
The head of state is expected to speak about the new currency on Sunday evening. The president will be accompanied by four ministers and four speakers presented as blockchain specialists, the technology supposed to preserve the security and storage of cryptocurrencies. The country's vast natural resources would back Sango.
The multiple Central African mining resources would guarantee the value of Sango. Proponents of the project say it will bring capital into the country and massive investment in infrastructure. However, its detractors consider it unrealistic, even suspect that it would be used to launder funds from the world's four corners.
With money from investors, the "sango project" would transform Monkey Island, located opposite the capital on the Oubangui River, into a "crypto island ": a tax-free zone where palaces, casinos, a large stadium and a water park would emerge.
CAR, which relies on donors for more than half its budget, is rich in diamonds and gold, but decades of conflict have prevented the country from benefiting from its mineral resources. The African Development Bank forecasts the $2.3 billion economy to expand 5.1% this year. According to the World Bank, the country is among the top 10 poorest countries in Africa with a GPD per capita of only $492.8.
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